Highlights Exogenous risks will remain more of a threat to grain prices than out-of-whack fundamentals, which are closer to balance than not, as the USDA’s World Agricultural Supply and Demand Estimates (WASDE) indicate. COVID-…
Europe implemented particularly draconian lockdowns in the spring, which resulted in violent declines in mobility and, as a corollary, in economic activity. However, Europe is re-opening and its second wave remains marginal.…
So far, the second wave of infections in the US has had a muted impact on the number of new death at the national level. The dichotomy between record new cases and low new death reflects the younger median age of the newly…
Please note that I will be hosting a webcast on Friday July 17 and that the webcast will replace next week’s report. Highlights Go tactically short stocks versus bonds. But express it as short DAX versus the US 10-year T-bond…
Dear Client, US Investment Strategy will take the first of two summer breaks next week, so there will be no publication on July 13th. We will return on July 20th with the latest installment of our Big Bank Beige Book, reviewing the five…
Highlights Recommended Allocation The coronavirus pandemic is not over. Enormous fiscal and monetary stimulus will soften the blow to the global economy, but there remain significant risks to growth over the next 12 months…
Highlights We are moving our tactical call on Chinese stocks from neutral to overweight, bringing it inline with our cyclical stance on Chinese equities. Our cyclical overweight stance is supported by several factors: the rate of…
Dear client, We are sending you our Quarterly Strategy Outlook today, where we outline our thoughts on the macro landscape and the direction of financial markets for the rest of the year and beyond. Next week, please join me for a…
BCA Research's US Investment Strategy service remains overweight equities relative to bonds as they do not see the pandemic exerting a permanently negative impact on corporate earnings. The political will for social distancing…
Highlights The highly uncertain backdrop calls for taking less near-term risk: It may be boring, but it’s only prudent for asset allocators to limit risk exposures when the distribution of economic and public health outcomes is…